Orders for HSBC's dollar CoCos over US$16bn

By Helene Durand

Wed Sep 10, 2014 4:23am EDT

LONDON, Sept 10 (IFR) - The order book for HSBC's inaugural US dollar Additional Tier 1 issues has swelled to over US$16bn, according to two sources.

Guidance is unchanged at 5.75% to 6% for the perpetual non-call 2020 and 6.5% to 6.75% for the perpetual non-call 10.

The issues are expected to be priced later today during the US hours and will be rated Baa3/BBB by Moody's/Fitch. HSBC is sole bookrunner and structuring adviser.

The bonds convert into equity if the bank's Common Equity Tier 1 ratio falls below 7%. (Reporting by Helene Durand, editing by Julian Baker)

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